In the competitive landscape of employer branding and talent attraction, setting the right goals is crucial. This article explores how the FAST method (Frequent, Ambitious, Specific, Transparent) offers a different approach that, in many cases, is better suited to the rapid changes in the business environment compared to the traditional SMART method (Specific, Measurable, Achievable, Relevant, Time-bound). – written by Adam Horvath Chief Sparkle Offizzer, (Brandfizz), Board Member (European Association of Employer Branding Agencies)
Adam Horvath, Brandfizz, Chief Sparkle Offizzer
The Importance of Goal-Setting in Employer Branding
In many cases, it is worth looking beyond the usual corporate KPI systems. It’s not enough to take out last year’s HR Excel table and rewrite a few lines. Employer branding professionals must realize they need goal-setting methods that go beyond traditional solutions. When faced with new and unprecedented challenges in the business environment, relying on old methodologies may not provide adequate answers.
In the fast-paced world of employer branding and talent attraction, setting the right goals can make all the difference. Traditional methods like SMART (Specific, Measurable, Achievable, Relevant, Time-bound) have long been used to ensure goals are clear and attainable. However, in the dynamic landscape of employer branding, the FAST method (Frequent, Ambitious, Specific, Transparent) offers a more agile and effective approach.
Key Findings and Research-Backed Data for Effective Goal Setting
– In 95% of organizations, employees set goals for themselves or their teams.
– According to a Mercer Global survey, 94% of organizations conduct formal, year-end reviews of employees’ goals, and 89% report that performance on goals influences performance appraisals, promotions, or bonuses. 3
– In a study of 124 large organizations, less than one-quarter of middle managers knew their company’s strategic priorities.4
– Survey results showed that only one-quarter of managers felt their goals were understood by counterparts in other divisions, functions, or business units.
– A meta-analysis found that assigning metrics to goals and providing regular feedback improved performance enough to move an average team to the 88th percentile. 5
– Nearly two-thirds of managers in a survey advised new colleagues to play it safe when setting goals. In the same survey, 61% of respondents cited past performance as the most influential factor in promotion decisions, while only 13% cited pursuing ambitious goals. 6
SMART Method: Pros and Cons
The SMART method provides a structured framework for goal-setting, ensuring that objectives are clear and measurable:
Specific: Goals are well-defined and clear.
Measurable: Progress can be tracked with quantifiable criteria.
Achievable: Targets are realistic and attainable.
Relevant: Goals align with broader business objectives.
Time-bound: Deadlines are set for goal completion.
While the SMART method is effective in many contexts, it may lack the flexibility needed in employer branding, where rapid changes and innovation are crucial. SMART has many fixed dimensions and was created from traditional project management (Peter Drucker introduced “management by objectives” in 1954, a concept widely adopted in modern workplaces1).
In the dynamic landscape of OKRs and agile operations, the rigidity of managing SMART goals can become overwhelming amidst rapid changes. Constantly adjusting numerous goals creates a domino effect that negatively impacts employee engagement. This inflexibility can lead to frustration and disengagement among employees who need to swiftly adapt to emerging challenges and opportunities.
Introducing the FAST Method
To execute strategy effectively, leaders must set ambitious targets, translate them into specific metrics and milestones, make them transparent throughout the organization, and discuss progress frequently. But what’s the alternative of SMART methodology? Over the past few decades, leading companies such as Google, Intel, and Anheuser-Busch InBev have pioneered and refined a new approach to harness the power of goals to drive and align action. MIT Sloan researchers studied2 these companies, analyzed a proprietary data set of more than half a million goals, and reviewed the academic literature on goal setting. They found that four core principles underpin effective goal systems, summarized by the acronym FAST.
Make your Employer Branding Goals FAST, Not SMART
Even if there might be some overlap between the two methodologies in certain dimensions, the FAST – Frequent, Ambitious, Specific, Transparent – method can often be a more straightforward and effective solution and offers a more dynamic approach to goal-setting compared to the traditional SMART method.
Frequent Discussions: Embed goals in regular discussions to ensure they remain relevant and adaptive to changing conditions. Frequent check-ins and updates keep goals on track, allowing for swift adjustments in strategy.
Ambitious Targets: Set challenging goals that push teams to innovate and stretch beyond their comfort zones. Ambitious goals inspire higher levels of performance and creativity, driving long-term success.
Specific Metrics and Milestones: Define clear, focused targets to ensure alignment and clarity across the organization. Specificity in goals helps maintain focus and provides a clear roadmap for achievement.
Transparent Communication: Make goals visible to everyone in the organization to foster a culture of accountability and collective ownership. Transparency enhances trust and encourages a unified effort toward common objectives.
Benefits of the FAST Method in Employer Branding
Adopting the FAST method in employer branding offers several key benefits:
Agility and Adaptability: Frequent reviews and discussions enable quick responses to industry trends and internal changes hiring needs, keeping your employer brand relevant and competitive.
Innovation and Growth: Ambitious goals drive creativity and push the boundaries of what your team can achieve, leading to innovative employer branding strategies.
Clarity and Focus: Specific goals provide clear direction and ensure that all team members are aligned with the organization’s objectives, facilitating effective execution.
Accountability and Engagement: Transparent communication fosters a culture of trust and responsibility, enhancing team cohesion and commitment to the organization’s employer branding goals.
By integrating the FAST method into your employer branding strategy, you can navigate the complexities of today’s business environment with greater agility and effectiveness. Transform your organization from a good workplace to a great one by setting dynamic, impactful goals that drive real results.
Real-World Application: A Scenario for Employer Branding Goal Setting
Imagine you’re working on enhancing your company’s employer brand. Using the SMART method, you might set a goal to increase employee referrals by 20% within a campaign conducted by HR in the upcoming business year. While this is a solid goal, it may lack the dynamism needed to truly transform your employer brand.
Now, let’s apply the FAST method:
Frequent Check-Ins: Engage business leaders in discussions about their current recruitment needs. Establish regular review checkpoints and adjust strategies frequently to meet evolving needs.
Ambitious Goals: Aim to become the top employer in your industry. To achieve this, focus on making your employees proud of their work. Identify what currently holds them back from recommending the company and create a concrete action plan to address these issues. Don’t be complacent; tackle the most painful points first. Solving these will yield the greatest results.
Specific Objectives: Set clear, focused targets for each team member, ensuring everyone understands their role in achieving the overarching goals.
Transparent Processes: Openly share progress and foster a sense of collective ownership. Align your FAST goals with corporate metrics to maintain coherence. There’s no need to reinvent the wheel—just be transparent with your structure and numbers.
By integrating the FAST method into your employer branding strategy, you can navigate the complexities of today’s business environment with greater agility and effectiveness. Transform your organization from a good workplace to a great one by setting dynamic, impactful goals that drive real results.
Elevate Your Employer Brand to New Heights
The FAST method offers a transformative approach to employer branding, perfectly suited to today’s fast-paced business environment. By embracing frequent discussions, ambitious targets, specific metrics, and transparent communication, you can create a dynamic and resilient employer brand that stands out.
Frequent check-ins enable real-time adjustments, ensuring alignment with internal needs and market conditions. Ambitious goals inspire innovation and push teams beyond their limits. Specific metrics provide clarity and focus, while transparency builds trust and accountability.
Integrating this approach into your employer branding strategy transforms challenges into opportunities, attracting and retaining top talent. Move beyond traditional goal-setting and embrace a method that drives sustainable growth and long-term success.
References:
1) P.F. Drucker, “The Practice of Management” (New York: Elsevier, 1954): 109-110
2) DONALD SULL AND CHARLES SULL – With Goals, FAST Beats SMART (MIT SLOAN MANAGEMENT REVIEW 1-7., Massachusetts Institute of Technology, 2018)
3) Mercer Global, “2013 Global Performance Management Survey Report Executive Summary,” accessed Feb.16, 2018, www.mercer.com
4) D. Sull, C. Sull, and J. Yoder, “No One Knows Your Strategy — Not Even Your Top Leaders,” MIT Sloan Management Review, Feb. 12, 2018, https://sloanreview.mit.edu.
5) R.D. Pritchard, M.M. Harrell, D. Diaz-Granados, and M.J. Guzman, “The Productivity Measurement and Enhancement System: A Meta-analysis,” Journal of Applied Psychology 93, no. 3 (May 2008): 540-567.
6) D. Sull and M. Escobari, “Brahma Versus Antarctica: Reversal of Fortune in Brazil’s Beer Market,” London Business School case study (2005).
